New York, US, June 30, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Hybrid Cloud Market information by Service Type, by Components, by Vertical and Region – forecast to 2027” the market size to reach USD 173.33 Billion by 2025 with a CAGR of 22.25%
Hybrid cloud Market Scope:
Hybrid cloud Market, simply put, is an integrated cloud service that uses both public and private clouds to perform distinctive functions in the same organization. Its significance is increased owing to the dynamic nature of work and versatility. Owing to its alluring features and perks, hybrid cloud has wide applications in different end use industries such as transportation, healthcare, media and entertainment, manufacturing, retail, IT and telecommunication, and BFSI.
Hybrid cloud helps to bridge the gap between businesses and information technology by improving efficiency and agility and at the same time rapidly delivering IT resources at an affordable cost. This integrated cloud computing service uses both private and public cloud services to perform distinct functions in the same organization. A hybrid cloud is beneficial for highly changeable and dynamic workloads. Disaster recovery, orchestration, cloud management, and hybrid hosting are some of its service types.
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Dominant Key Players on Hybrid Cloud Market Covered Are:
- Microsoft Corporation (US)
- Google LLC (US)
- Cisco Systems Inc. (US)
- Oracle Corporation (US)
- IBM Corporation (US)
- VMware Inc. (US)
- Amazon.com Inc. (US)
- Hewlett Packard Enterprise Development LP (US)
- Rackspace (US)
- NTT Communications Corporation (Japan)
- Equinix Inc. (US)
Market USP exclusively encompassed:
Market Drivers
As per the MRFR report, there are numerous factors that are propelling the hybrid cloud market growth. These include cost efficiency, security, agility, and scalability, growing need for interoperability standards between existing systems and cloud services, rapid digitization, widespread adoption of cloud-computing services, and various technological advances such as the integration of edge computing, machine learning (ML), internet of things (IoT), and artificial intelligence. Besides, improvements in IT infrastructure, and increasing adoption of multi-cloud spaces and SaaS, are the hybrid cloud market trends that are also adding market growth.
On the contrary, security and privacy issues may hamper the global hybrid cloud market growth over the forecast period.
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Segmentation of Market covered in the research:
The Market Research Future report offers an inclusive analysis of the hybrid cloud market based on vertical, organization size, service model, service type, and components.
By component, the global hybrid market report is segmented into services and solutions. Of these, the services segment will lead the market over the forecast period.
By organization size, the global hybrid market is segmented into large enterprises and SMEs.
By service type, the global hybrid market is segmented into disaster recovery, orchestration, cloud management, and hybrid hosting.
By service model, the global hybrid market is segmented into platform-as-a-service, software-as-a-service, and infrastructure-as-a-service. Of these, the software-as-a-service segment will dominate the market over the forecast period.
By vertical, the global hybrid cloud market is segmented into transportation, healthcare, media and entertainment, manufacturing, retail, IT and telecommunication, and BFSI. Of these, the BFSI segment will spearhead the market over the forecast period.
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Regional Takeaway
North America to Command Largest Share in Hybrid Cloud Market
By region, the global hybrid cloud market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, South America, and Rest of the World (RoW). Of these, North America will command the largest share in the market over the forecast period. The increasing need for businesses that can offer employees with flexible work solutions, overall improved internet connectivity, the presence of top players, growing demand for hybridization services in the US, the presence of dynamic business environment, an indispensable need to attain better efficiency and productivity through centralized cloud governance, and growing adoption of multiple cloud services for cost savings are adding to the global hybrid cloud market share in the region. The region is predicted to touch USD 14.02 billion at a 23.81% CAGR by 2025.
Europe to Grab Second-Largest Share in Hybrid Cloud Market
In Europe, the global hybrid cloud market is predicted to hold the second-largest share over the forecast period and at a 24.13% CAGR. The growing need for scalable, agile, and cost-efficient solutions and the presence of a developed IT, and telecom industry are adding to the global hybrid cloud market growth in the region.
APAC to Grow at Fast Pace
In the APAC region, the global hybrid cloud market is predicted to grow at a fast pace over the forecast period and at a stellar 29.11% CAGR. The presence of several cloud computing marketers is adding to the hybrid cloud market growth in the region.
RoW to Have Sound Growth in Hybrid Cloud Market
In the RoW, the global hybrid cloud market is predicted to have sound growth over the forecast period at a healthy 20.22% CAGR. The expansion of the cloud infrastructure is adding to the global hybrid cloud market growth in the region.
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Industry News
February 2021– Delta Air Lines has joined hands with IBM to migrate to the hybrid cloud that is built on red hat openshift with an aim to increase its agility, innovation capabilities, and speed to market around digital transformation.
February– Microsoft has recently launched in India a new hybrid cloud solution for companies to build as well as run applications that are cloud-native with seamless access to on-premise cloud solutions with the existing processes, skillsets, and tools.
COVID-19 Impact on the Global Hybrid Cloud Market
Several companies have faced the brunt of the ongoing COVID-19 crisis, barring just a few, such as the hybrid cloud market. Following the government-imposed lockdowns and social distancing trends, there has been a need for remote working and work from home. It is here where cloud computing plays a pivotal role as it allows employees to access applications and systems from home. This had a positive effect on the market growth.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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